Brent crude oil eased today after a seven-day rally lifted prices to their highest in 11 months.
Losses were limited, however, by fears of further violence in Nigeria and looming North Sea maintenance.
London Brent crude fell 31 cents to $75.47 a barrel by 2am, reversing yesterday's 16-cent gains but still within sight of the contract's all-time high of $78.65 struck August 8th.
US crude inched down 7 cents to $72.12 a barrel after falling 62 cents a day ago, as traders fretted that fresh refinery troubles would keep US crude oil stocks flush.
Oil prices have risen at the start of the third quarter in tandem with broader commodities, helping lift the 19-contract Reuters-Jefferies CRB Index to its highest this year.
Oil production in Nigeria, the world's eighth-biggest oil exporter, is already down by more than 20 per cent because of militant attacks on oil facilities.
Although the International Energy Agency yesterday predicted tighter markets over the next five years thanks to faster-than-expected demand growth, US crude oil inventories are expected for the moment to remain near nine-year highs.
Stocks were expected to have eased by only 100,000 barrels last week, according to a preliminary Reuters poll. Gasoline stocks were seen rising by 700,000 barrels and distillates by 800,000 barrels thanks to a further recovery in refinery use.